Taxes are for little people according to some members of Congress

Taxes are for little people according to some members of Congress, including those responsible for writing the tax code.

Via CNN:

But a CNN investigation of all 39 Democrats and Republicans on the committee found that at least eight members have faced tax problems of their own.

For example, New York Rep. Tom Reed has been late paying his property taxes at least 46 times since 2005. And he racked up more than $6,200 in penalties and interest on more than $100,000 in taxes, according to county records.

On a stunning lake house in New York’s Finger Lakes region and a home in Corning, Reed missed a combined 16 tax payments over nine years.

On three other buildings in Corning and another in Bath Village, Reed had a total of 20 late payments over eight years.

And on a mobile home park and two other commercial properties, Reed was late on his taxes 10 times since 2007, according to county records.

So what happened?

“You know it’s just like a lot of people, these are things that just happen and they were paid within the allotted time,” Reed told CNN.

But unlike a lot of people, Reed is charged with writing the nation’s tax laws.

Nice to see our tireless public servants are living such a wonderful lifestyle.

As a side note it’s no surprise that the partisans at CNN can find only the slightest amount of intestinal fortitude to list a single Democrat, the well known tax cheat Charlie Rangel, in the entire article.

Tax Freedom Day is April 21st, for income taxes. But what about the rest of the taxes?

Chris Wy (who’s pretty fly for a Jersey guy) discusses how average Americans are approaching 2014′s Tax Freedom Day. The day where Americans have finally paid their federal and state income taxes:

More than 1/3 of every dollar I make gets shipped off into a black hole. That’s not “freedom.” Not in my book.

Sure, approximately 1/3 of of your paycheck is confiscated by the Fed’s and your state government for redistribution. However, this isn’t the whole picture. There are a myriad of other taxes and fees imposed (most reside in the fine print) on us by government on all levels that you might not notice. Taxes such as cell phone, cable, sales, energy and gasoline taxes. This is something John Stossel has been covering for years.

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When you sum it all up, the real ‘Tax Freedom’ day for an average American is closer to the Fourth of July than mid April.

midpoint of 2014

Depressing isn’t it? Work half the year to pay all your taxes…

Oh! This doesn’t include inflation, a type of hidden tax that makes everything more expensive.

Fed Chairwoman Yellen claims low inflation is at the root of our weak economy

Everyone needs to grab their wallet, things are about to become even more expensive than they are today. Via Larry Kudlow:

It used to be hypothesized that low inflation was the key to high economic growth. For everybody in the economy, low inflation was a tax cut. Conversely, rapidly rising prices were thought to penalize the economy by placing a tax-hike effect on investors, businesses, and families. It was this logic that spurred Paul Volcker (especially) and then Alan Greenspan to labor mightily in the 1980s and 1990s to bring inflation down.

The Fed’s favorite inflation measure — the personal consumption deflator — has risen about 1 percent over the past year, as has the consumer price index. When I grew up professionally in the 1970s, first as a New York Fed staffer and then as a Wall Street economist, no one — and I mean no one in their right mind — would ever have dreamed that double-digit inflation could be brought down to 1 percent. But Janet Yellen is now telling us that low inflation is a sign, and perhaps even a cause, of the weak economy.

The Wall Street Journal headline last week was “Fed Shows Growing Worry about Low Inflation.” As the narrative unfolds, both the Federal Reserve and the IMF blame low inflation for small wage gains, excess business capacity, and soft global demand.

Not for one nanosecond should anybody believe this nonsense.

Kudlow is being charitable by ascribing altruistic motives to Chairwoman Yellen (and by extension our ‘Leaders’ in Washington).

“You know, we need to do something about the weak economy and high unemployment…”

In reality, politicians in Washington want high inflation to facilitate spending more money without raising taxes to pay for the spending. Furthermore, creating inflation also allows politicians a clever way to avoid accounting for the full amount deficit spending they are engaging in.

Milton Friedman explained this nicely way back in 1978:

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Friedman really hit the nail on the head how “we the people” are complicit in this. Well, not all “we the people.

Rare Shelby Mustang GT500 found under 40 years of dust

garage find 1969_ford_shelby_mustang_gt_500_428_cobra_jet

This is amazing:

A 1969 Ford Mustang Shelby GT500 428 Cobra Jet is a mouthful to say but it will drop any car enthusiasts jaw. This particular garage-find was owned and perfectly preserved by a now-deceased automotive connoisseur.

Larry never washed the car for fear of scratching the paintjob or cause even the slightest bit of rust. Yahoo News estimates that the only time the car was ever washed was before delivery. Accordingly, the car is in absolute show room condition, except for a layer of dust.

This snake features a larger, 428-cubic-inch Cobra Jet engine mated to a four-speed manual transmission, which has only run 8,500 miles in total. The spark plugs, belts, fan, and hoses are all original. The only items that are not from 1968 are the tires.

If you have an extra 100K laying around, this would make a fantastic investment.

Here’s a short but interesting video discussing the history of the Shelby Mustang:

Earth Hour: Why celebrate turning off our lights when electricity has done so much to advance the human condition?

Tonight is the goofy “Earth Hour” where eco-fanatics in the developed world sit in darkness for an hour, contemplating whatever eco-loons contemplate:

On Saturday March 29th at 8:30pm, millions of people across the world are switching off lights for one hour – to celebrate their commitment to the planet.

However, it should be noted that electricity use = greater life expectancy.

electricity-life expectancyRemind me again why we’re making electricity more scarce rather than more plentiful?

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And, if you don’t play along with their insanity, eco-loons want to go with a medieval inquisition to get ‘climate deniers’ minds right.

Feel good story of the day: Treehugger thinks “climate change deniers have won”

“Victory settles a lot of arguments in most men’s heads.”
Robert Jordan, The Fires of Heaven

With the multifaceted assault on our freedoms by the American left, it’s easy to overlook the small gains that sanity makes from time to time.

For example, ask a TreeHugger if they are making inroads expanding their radical environmentalist agenda, and they would tell you something like this:

Nick Cohen, a columnist in the Observer (the Guardian Sunday paper) writes a thoroughly depressing but important article about how, essentially, the climate change deniers have won. He is speaking from Britain, but one sees the same thing going on in the USA, Canada and Australia as well.

Remember how in 2008 / 2009 the global warming hoax was all the rage when nearly everyone jumped on the bandwagon, buying into the theory wholeheartedly. Remember how in 2009 nearly every other T.V commercial featured a stupid windmill? But, with facts and persistence we on the right have turned public opinion.

Now, let’s do something about ObamaCare….

“Leading from behind” isn’t inspiring confidence among our European allies

“The Pope? How many divisions has he got?”

Joseph Stalin

Obama’s penchant of “leading from behind” on Crimea isn’t inspiring confidence among our European allies. Via BBC:

Another nuclear power, mightier than Russia, will be watching – China is very interested in how far the US will go in defence of its friends.

However, this speech also contained a stern warning to Mr Putin – “hands off the Baltics!”

Mr Obama made it clear that if a Nato country was attacked, article five – pledging a common military response – would be invoked.

That having been said, Mr Obama is asking Stalin’s question of Nato – how many divisions do they have?

Both in terms of political will and fighting forces.

The US has long wanted Europe to spend more and do more as it is doing less and spending less. Next week the US will announce it is sending more troops and naval forces to Europe – but it wants its allies to match that.

They won’t.

After the European Union’s display of unity of the lowest common denominator over sanctions, none of this is very encouraging for those who believe this is a key moment for the US and the West.

Yep, and we have a community organizer occupying the White House during this key moment.

Can’t say we weren’t warned.